walter and alan newman. pat gallagher, who was president of the convention. representing the bay area council and introducing the team to various people there. i'm going to close by saying that we're working very hard at this. none of us are on salary. this is pure love of the event and spirit of san francisco, and i just want to give everybody that sense that this is an enormous undertaking with the right skill set to do it. thank you very much. commissioner fong: thank you. [applause] thank you for giving us the overview and history to date. the task at hand in front of the port commission is essentially to take the host city and a new agreement that the three parties, the city and port, entity have negotiated the ground rules for how san francisco will bit and hopefully succeed in attracting the america's cup. the ground rules that have been proposed to date, really to solidify some things to put together a bid that will -- that we can be proud of in the city. with that, i'm going to dive into the host city agreement and talk about the venues and land uses

we have walter and alan newman on that committee. icahn also include ellen on the association of disabled sailors. we have the rear commodore of the st. francis yacht club. this committee has been meeting for about two months. i see this entire proposal as a three-legged stool. the first you will discuss in detail, and it has to do with the port and physical facilities and the trade-offs that the sponsors get for using the port. what do they give, and what is good for the taxpayers? i will leave that to your judgment. the second leg is the america's cup event authority, and that is the authority that is going to raise $270 million to put on a host of regattas are around the world, including the 2012 and 2013 races on the bay. our committee is committed to helping them in that regard, and those are primarily corporate sponsors, and corporate sponsors will make their own judgments about what it is worth for the advertising may get, and we can only introduce them to people who might benefit from that. in that regard, members of the comm